This excerpt taken from the TX 20-F filed Jun 29, 2007.
Exiros, with presence in USA, Canada, Mexico, Italia, Brazil and Argentina, provides with purchase agency services in connection with Terniums purchases of raw materials and other products or services. Until October 2006, Exiros was a wholly-owned subsidiary of Tenaris. In October 2006, Ternium acquired a 50% interest in Exiros, while Tenaris retained the remaining 50%. The objectives of the acquisition are to obtain better purchase conditions and prices as a result of the combined demand of products and services by both companies demand, as well as to secure joint control over the purchase process.